ashley: take a look at this marlin weighing in at 619 pounds. the crew that caught it nearly won 3.5 million bucks in a tournament out of north carolina and i say nearly won because just watch. >> okay guys let's talk about the rules for a second. let me go get them. it would appear that this fish has been bitten by a shark. ashley: yup that made it in eligible. keep on fishing, i guess. charles by the way we'll be back tomorrow. cheryl casone in for liz claman today. cheryl over to you. >> cheryl: something smells fishy about that story, ashley. ashley: very good. very good! >> cheryl: all right it's a holiday what can i say. ashley, thank you very much. well, hello, everybody. i'm cheryl casone in for liz claman today. the u.s. markets are closed but

the global markets are open for trading. the european and asian exchange is stalling out on the session. as you can see britain's 100 losing 54 points. dax losing 156, cat 40 in france 74 and the nikkei 335 point loss substantial and also losing as well and a lot of the talk in asia has been about further stimulus measures from china. the government and they are also looking ahead to fed chair jay powell's testimony coming up later in this country. so speaking of china u.s. secretary of state anthony blinken meeting today with xi-jinping and the two agreeing the u.s. and china need to stabilize their bilateral relationship. this comes as goldman sachs lowers its full year forecast for china's gdp from 6% to 5.4% on concerns over consumer confidence and china's property

market. ubs, bank of america, jpmorgan have also downgraded their estimates and we have a breaking story we're following right now. a search is underway for a missing submarine that carries people to view the wreckage of the titanic. the search is being lead by the u.s. coast and gordon chang the five-person submersible. we have a live report later on in the show as crews and the military begin to search for this craft. also open for trading today. brent crude shares settling lower as you can see by almost half a percent, 76.28 a loss of $0.33 let's get to the floor show to dissect the action, we have on global markets today joining me now is great hill capital chairman thomas haze and founder and editor stephen schork and gentlemen thank you for joining me on this juneteenth holiday. steven i want to start with you on brent obviously closing a

little bit lower. what is the real story here with oil? is it the worries about the chinese economy and maybe we're not getting the reopening we thought from china? or we have a guest coming up later on the show talking about the el nino effect and the weather patterns. what are you watching in the market? >> absolutely, cheryl. its been a game of waiting when it comes to the oil markets. we've been told a narrative from the bullish traders through the first quarter of this year that china demand was going to out pace all demand thereafter, and we were going to send oil prices back $100 a barrel. of course, that rebound in china has not occurred. for the past month or so we've got wti trading on a weighted value basis at about $71 a barrel. brent crude oil about $75.50. it does appear to show that the producers here in north america are finally starting to react. we have the rig counts that just came out, the baker hughes rig

counts that came out on friday and the u.s. count is at a six- week low and looking at the canadian oil count which has been hampered by those wildfires , but the count is only up to 69 right now and that is about 30 rigs lower than what you expect to see at this time of the season. so, the answer is that we're looking at a market that relative to demand is well supplied. we're not seeing sort of indication on the back end of the curves with the term structure that would indicate the market is concerned with regard to supply, and therefore, we're overall in a market that is remaining depressed. >> cheryl: that's good for drivers, for the summer season obviously. we're well-into june pushing july and july 4 holiday is right around the corner so i guess we'll take a little bit of a good news story there. tom haze i want to stay on china though because obviously, there's a lot of talk of course about economic partnerships. we know that xi-jinping met with bill gates last friday before he

even met with anthony blinken. elon musk recently came back from china, jamie dimon, china. that relationship in what you heard this morning from the two leaders, what do you make of it and does it impact how you invest right now, tom? >> yeah, cheryl. well i think this is a step in the right direction. we'll compete vigorously where it makes sense, but we'll also cooperate where it's in our best interest, and i think xi came out and said that progress was made and they reached agreements on certain issues they were pretty vague about which issues. blinken called it candid and constructive, so you have the positive news on that front and you have the negative news goldman cut gdp from 6% to 5.4% because they are worried the stimulus is not going to be aggressive enough. we do think that the stimulus will be aggressive in the back half. they did cut short rates last week. they are going to do more moving forward, and but what you really need to keep in mind, cheryl, is that emerging markets and china is basically a currency trade

and if you remember, the u.s. dollar really rallied aggressively into those debt ceiling talks, and once that was resolomonned in the last few weeks the dollar has been weakening again. its resumed its downtrend it started in october and companies like alibaba have been up 18% in the last few weeks so we think on a relative basis if you look at the gains in the united states year-to-date a lot were driven by big tech. we actually think the relative value trade for the second half of this year with the dollar resuming its downtrend is going to be in emerging markets and some chinese tech like alibaba et cetera that have been beaten down but we do think we'll see that back half recovery on a relative basis. >> cheryl: so you aren't concerned about this cooling relationship between the united states and china. you're willing to make the trade and do the investing. i think that's interesting. you also talked about catchup stocks and mentioned the rally with technology and the nasdaq and the s&p is up 16%

year-to-date. what are the catch up stocks you're talking about, tom? >> i think you've got it exactly. what you saw was the bulk of the rally up until about a month ago yeahs driven by the magnificent seven those big tech stocks. 93% of the s&p had about 0% returns year-to-date until about a month ago so as the dollar resumes its weakness what we'll see is benefits from multinational companies who get more than 50% of their revenue as the dollar weakens so think intel gets 82% of the revenue abroad, 3m 49%, paypal 47% and stanley black & decker et cetera so those companies, the emerging markets and biotech as risk comes back on and we've got a couple of stocks here that are down 80% since their pandemic highs that also offer value. one of them is paypal. people are worried about the competition for paypal. they get just about half of their revenues abroad. they have 435 million users,

22.3 billion transactions and we think a lot of the bad news is priced in, a lot of the fear. its now trading at 11 times forward earnings versus 33 times average, so we think there's a lot of value here as they get a new ceo and assett jot management has been active in the stock. >> cheryl: i was going to ask you about your stock picks, stephen schork i will give you last word. what's on your radar for the week? >> yeah, absolutely. cheryl just want to point out one thing. i'm a believer that commodities prices are not driven by the consumer. the economy drives commodities prices, and therefore, when you look at industrial commodities such as oil taking beating that it has, that's not necessarily a good thing for the consumer. yes, the national average of gasoline is around $3.60 at short beats the $5 average we were paying a year ago, but we've come off those highs for a reason. there is concern with regard to the economy. it's being reflected.

commodities prices are tremendous leading indicator and i simply don't like what i'm sen this sector. >> yeah, well certainly it's a different story than many expected. also i think the fall is going to be interesting, steven, for you in particular, because of are we going to have a recession or not? that question is still somewhat unanswered. we may avoid it. might be the most telegraphed recession we just don't know. we shall see. steve and tom thank you both for being here with me today. i appreciate it. >> thank you, cheryl. >> good to see you both. well, it is a busy week. markets are awaiting a slew of fed speakers this week, and that does include fed chair jay powell is going to be testifying on monetary policy before congress. we'll preview that and discuss commodities with investor dennis gartman. that's coming up, next. "clayman countdown" will be right back.

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>> cheryl: jerome powell is back in the spot light as the federal reserve chair gets ready for two days of congressional testimony that kicks off on wednesday. last week the federal reserve paced rate hikes but the dot plot made it clear. fomc members are anticipating two more rate hikes before the end of the year. investors will now look to wednesday's testimony for more clues about the feds future policy path. joining me with more insight and a first on fox business interview dennis gartman himself former editor and publisher. good to see you, dennis. >> good to see you, cheryl, thank you for having me on.

the bottom of the barrel this morning. >> well you know what's interesting and i disagree with that, on friday we had two fed members speak, two fed governors , and what's interesting is it was christopher waller and thomas barkin, but i want to review what waller said. he said we're seeing policy rates have some affects on parts of the economy. the labor market is still strong , but core kind of inflation is just not moving, and that's going to require probably some more tightening to try to get that going down. that tells me that we're talking two rate hikes. not one. this is aggressive language from him. >> you have to make mr. waller very seriously because he is by the definition of being a governor of the federal reserve bank, a voter, which is very important, because only certain number of people get to vote on the fomc, so will the regional presidents and all of the governors so when waller speaks i listen. it's a little different than what mr. , what the chairman or the president of the federal reserve bank of richmond had to say. it was also quite hawkish in his

terminology regarding inflation and higher rates so i take him a little less seriously but waller is a voter and his comments i think should be taken seriously. we've had a hawkish skepticism and certainly we'll get at least one more increase in the fed funds rate. now we have the possibility of two. >> well and you know this meeting is going to be a live one which means basically that there will be no expectation from fed members about what we're going to get. what about this congressional testimony? besides some of the theatrics and the senators and yelling at him and, you know all that good stuff, what do you expect? is there anything else he could really tell us we don't know yet >> i'm not sure there's anything more that he can tell us we don't already know yet. certainly we have enough data to get us through for the next several days. we have cpi and ppi came out last week. clearly they were a little

disturbing to say the least, but we'll see. time shall tell. i don't think we're going to have anything newcomb out from mr. powell at the congressional testimony this week. we've had enough information and the dot plot tells us where we are going to go which is at least one more increase in the overnight fed funds. >> cheryl: there's a few things here. first off i want to get to el nino because i think that's interesting but before we get there, we're going to get another cpi report and one of the sticky, the stubborn things in the inflation report has been shelter so that, these higher rents is really keeping the overall cpi and the core extremely elevated. i wanted to ask you about that but also the pce report and that's something you're more focused on and they are more focused on. >> the pce is the inflation report that the fed pays most attention to and it has been a bit sticky on the downside so we'll see what happens, but i think there's no question. the fed, the propensity for the

fed to raise rates one more time is distinct and very solid, so time shall tell but we're going to get another one increase in the overnight fed funds rate before the year is out. it'll be a long time before the fed begins the process of easing monetary policy. probably not until late in 2024, if even then. >> cheryl: let me ask you about the weather because that's very interesting case that you make, an investment case about el nino. these are normally you say about nine to 12 months these weather patterns but the weather can disrupt economies, it can disrupt travel, it can disrupt all kinds of things so what's your expectation for that? >> it's going to, it should have a very material impact upon agriculture. time shall tell whether it has a material impact or not but i can remember when i first started in the business back in the early 1970s when we had a very serious el nino which destroyed strangely enough to say the an chovie crop coming out of south america and sent

soybean meal prices skyrocketing and sent corn prices skyrocketing and wheat prices higher too and i fear that's the same thing that's going to happen. time shall tell but right now things are heating up to the west of south america and it's just beginning, and el nino can last two to three years, usually about nine months but if it lasts more than nine months, a year or two the impact upon agriculture especially in the northern hemisphere can be quite material so people are not paying attention to that yet and should. >> so that's grains, that's corn. >> yes. >> that's soybeans, wheat, that's everything really. it's interesting, real quick before i let you go. i was looking at the nasdaq obviously. the s&p has rallied about 16% year-to-date but the nasdaq has been the kind of the star story of 2,023 year and there's a lot of questions now about a.i., because you can't really have a talk about buying a technology stock if you don't fold the

phrase a.i. into that. do you think that that space is over-valued, dennis? >> [laughter] it's almost comically over- valued as far as i'm concerned the fact that the significant seven, we've had seven or 10 stocks out of the s&p 500 that have lead the way higher. if you take those 10 stocks out of the s&p, you're probably down for the year or if you're up you're only up one or 2% so its been an exaggerated move. its been a very closed loop move , very small number of stock s that sent the s&p higher. take a look at what's going on to the russel 2000 which is a better indicator of what's going on economically and it's actually down for the year, so this has been a very small number of stocks. the market has had as we say in the market, bad breath and that bad breath is usually indicative of a market ridiculously over bought, now one that is fundamentally worn, so again, be

careful. >> cheryl: all right, well, we will. dennis gartman, it's great to have you on. thanks for coming on today good to see you. >> thanks, cheryl. good to see you. >> cheryl: well, we've got a lot more coming up. legendary investor warren buffett deepening his ties to japan. we'll tell you where exactly the oracle of omaha is putting his money, coming up, next.

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>> cheryl: well, the u.s. is running out of supply for life saving cancer treatment and the situation has become so dire that patients are going to great lengths to get the help they need so how is the healthcare sector dealing with the shortage? let's go live to lydia hu joining us from outside north well health in new hyde park, new york. lidia? reporter: hey there, cheryl. doctors are using every drop from every vial of these precious drugs that they have available. they can't afford to lose any of it. that's because the shortages now are gripping the nation. they are really prioritizing which patients now should receive these drugs to ensure the best outcomes and in certain cases when possible, they are considering alternatives. listen to this. >> this is not acceptable. you know, we're here to treat patients. we know how to treat them with

the best regimens available, but to say that we don't have access to that is absolutely not acceptable. reporter: but cheryl that's exactly what is happening in some cases. more than a dozen cancer treating drugs in short supply now. but there are two that are particularly concerning. carboplatin and cisplatin considered the backbone of oncology medicine. i spoke with one breast cancer patient from florida who did not have carboplatin she needed on a recent round of chemotherapy. listen to this. >> at what point in time do we put a price on a life? what is your husband's life worth to you? what is your wife's life worth to you? what is your daughters? this can happen to anyone. reporter: now, a problem here is that many of the drugs or ingredients come from overseas. the u.s. non-profit estimate india accounts for most of the fda approved drug ingredient

makers, around 48%. compare that to 22% from europe and 13% from china. that means the united states has little control over the supply chain. this current shortage of carboplatin and cisplatin is driven by a recent factory closure over in india but the fda's short-term solution and response is to import more cisplatin from china. still the shortages, they are expected to last through the rest of this year, impacting roughly half a million americans cheryl? back to you. >> a stunning number. that really is. lydia hu, thank you so much for that story appreciate it. reporter: you got it. >> well, crypto markets are actually trading today. bitcoin crossing the 26,000 level on bullishness of a blackrock bitcoin etf. let's take a look at some other big headlines impacting your investments today. warren buffett is bullish on

japan. berkshire hathaway just revealed its national indemnity unit raised passive stakes in five japanese trading companies to more than 8.5% each. the trading house investments are long term, but berkshire could boost its stake up to a maximum of 9.9% in any of these five companies. purchases beyond that percentage would require the board's approval. intel will spend more than 30 billion euros to develop not one but two chip making plants in germany. the tech giant has been actively investing in european expansion following plans unveiled friday for a chip plant in poland. germanys chancellor says it's the biggest foreign investment the country has ever made. u.s. regulators are investing nearly 40,000 hyundai ionic five ev's for reportedly losing power due to possible charging issue. the national highway traffic safety administration is looking at 2022 model year vehicles following 30 customer complaints that alleged the cars will make

a large popping sound followed by either a loss of acceleration or a complete loss of battery power. hyundai says that the failures related to a unit responsible for powering both the vehicle and batteries. >> moviegoers had a plethora of films to choose from this father's day weekend and spiderman came out as the clear favorite. the film which debuted june 2 has more than $489 million since its release. meanwhile, warner brothers super hero film "the flash" and disney pixar"elemental" fell short of expectations. the flash hauled in just 55 million during its first three day weekend well below the estimates of 75 to 85 million and the element elementalal is expected to have the second-lowest open of any wide released pixar film in studio history.

ouch. all right homebuilder sentiment coming in positive for the first time in 11 months today we actually got that data released today. what does that mean for the housing market? we're going to ask the ceo of national homebuilding company taylor morrison coming up next. ♪ ♪

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we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you

have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >> cheryl: u.s. homebuilder confidence shifted into positive territory for the first time in 11 months. the index climbed to 55 this month, above the 51 estimate and up from 50 in may. as demand for new homes continues to remain high due to lack of inventory on the market. the national homebuilders association gave fox business a promising update to where the market is headed listen. >> there's cautious opt it six that the housing market is on its way back. six straight months of increases after 12 straight months in 202o

think that we are cautiously optimistic that we're on our way back. >> cheryl: let's talk to one of the top homebuilders and developers in the united states. joining me in a fox business exclusive is the taylor morrison chairman and ceo, cheryl palmer who spells it with an s. great to have you. >> thank you, great to be here today. >> cheryl: what do you make of the new data we got this morning i mean, i guess i wasn't terribly surprised that homebuilders are positive but i thought they were still having labor problems. you're having labor problems. what's going on with this number >> i think that's correct. i mean, as you heard from nahb, i think the 55 to get into real positive territory for the first time in nearly a year is wonderful, but not too surpris ing. i mean, we have really seen a change, a continued upward trend since the first of the year and

the consumers feeling a lot better than last year and honestly even since earlier this year and even though interest rates still remain a little high, a little stickier than we may prefer, i think there's a lot of ways we're able to help the consumer. >> but we're at 7% though. i was looking at bank rate. the 30-year is at 7% today. you know, we were 3.5% a year ago. this is a shock. i guess my point is that how is business if you've got interest rates at these levels? you would think this be a doom and gloom scenario. >> yeah, i mean, 3.5 those were unprecedented rates when we saw low threes for 12, 24 months but if you go back in time we're used to seeing rates that would say 5-6% is quite good. so i think you have an environment today where the builders are able with some really good sales tools to help

the consumer get that mortgage. i think it's part of why you've seen the lack of inventory in the resale market and as you know, we remain really constrained on the supply side, and that continues to benefit new home sales, but the consumer s actually also, i think, had a change in perspective. i don't think the consumer expects that rates are going to go back to 3% and once again if you look long term and you see rates at 6%, and we can help a consumer through forward commitments and rate buy-downs get to something in the mid-five s that's a wonderful way that makes for a really good time to buy a house today. >> cheryl: so you're working with your customers. that's interesting that you say that and that is smart business on your behalf. you're also doing which i think is fascinating this build-to- rent business and the timing of that is fascinating because as we've seen in the cpi report, the

biggest piece of consumer inflation has been rents, and you're actually building homes to specifically rent. how healthy is that business right now for you? >> yeah, our yardly brand which you're right, i think our timing was quite good. it was a number of years back that we really started the thesis on what i would call the missing middle, so they aren't single family homes. they aren't apartments. these are for purpose rental communities with a gate, with nice amenities, but they are single family homes for the consumer and honestly one of the things they really enjoy is having their own private backyard, so we've seen tremendous demand. we're in early days in our yard ly brand. we are leasing today one in phoenix. we're leasing today one in texas , with thousands of lots behind it and a number of communities under construction, but in this what i would say very niche play, we continue to

see very strong demand. i've been quite pleased even as we entered the summer months. >> cheryl: and your stock at 46.80 we'll see how it trades tomorrow. before you go, just real quick i have to ask. where is the hottest market for you right now? >> wow, you know, the nice thing to be quite honest is we're seeing strength across the country. we're seeing it really in that first time move-up and even that second time move-up and i would say our lifestyle communities. you know, to your earlier point on interest rates. that first time buyer in some instances has a little bit more difficult time but florida continues to be very strong. arizona. you know, i'd say the markets that saw some of the highest appreciation in the prior couple of years have really now after taking a pause, having to do a bit of a reset, have really rebounded so i'd say phoenix, austin, florida and the carolinas. >> cheryl: interesting and i meant to ask you about

commercial real estate. a lot of doom and gloom that we'll get these defaults and the banks are going to be caught up in this. what's your take? >> i think overtime, there's a lot under construction today, so i think there's going to be a little bit more pressure. i think there's still a lot to play out quite honestly around the work-from-home and what happens to the commercial space, but i do think overtime you're going to see some of these properties get repurposed for residential and that will be really good but it's not going to be a quick fix. >> sheryl palmer, great to have you on the show. thank you for being here. >> thank you so much. have a great day. >> you too. you know, there is no place like home sweet home here on fox business. we're helping home buyers find their "american dream home." check out all of the latest episodes of "american dream home" on fox nation streaming right now. well, coming up we are going to have the latest on a story that is just hard to believe. it's a rescue operation

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for the missing tourist submarine that disappeared sunday morning. the coast guard will be holding that 4:30 p.m. eastern time. the sub belongs to ocean gate expeditions. that is a company that develops underwater expeditions and it was exploring the remains of the titanic. last year it was reported one such excursion cost a group about $250,000 each to take the submersible 2.4 miles down to where it lays on the sea bed. joining us for all the latest on the search and rescue efforts alexis mcadams joins us and you've been following this story incredibly, alexis, throughout the day. what do we know. we're hearing five people on board, correct? reporter: correct, five people on board cheryl and we're trying to figure out exactly who those people are. according to the new york post they were able to get new information telling us that a 58 -year-old british millionaire is on board according to his family in a facebook post, but the u.s. coast guard is coordinating an active search and rescue mission for this missing submarine using

a c-130 crew and canada is helping and that has underwater detection capabilities so where all this happened they are hoping to find five mission specialists on board including world explorer that i mentioned hamish harding according to the post. ocean gate expedition launched this submarine, an american company and the sub is only the size of a minivan. so there's really not much room on here. they started out new finland headed out for a six hour tour of the wreckage of the titanic site about 350 miles southeast in the atlantic but it didn't come back last night so they reported it missing to the coast guard. listen. >> locating an object on the bottom will be difficult but we will bring all assets to bear that we can to try and find the submersible and rescue the crew members. reporter: they are doing everything they can but these families have got to be worried sick. the ocean gate tender ship polar prince also conducting a surface search and the coast guard is

also reached out to the navy, the canadian armed forces you name it. all hands-on deck here. this submersible is designed in such a way we're told if there was a problem it could automatically float to the surface, but if that worked, we're waiting to find out. the video of the wreckage of the titanic you're looking at here is up close. that's what these people went down there for paying big money to take this tour. it was taken by ocean gate last year. they lead these expedition tours to the wreckage so people can see the titanic, as we know. that sank back in 1912 after it hit an iceberg but people pay a lot of money to get an up close look there. ocean gate released a statement to fox saying they are exploring and doing everything they can to bring their crew back safely. they posted information too about some of the trips back in june saying they were excited how everything was going, and everything was going well. so, now today to have all these families calling figuring out what's going on is a different story. the companies website does advertise the seven-night voyages people can go on for $250,000 a pop.

they go down more than 12,000 feet to the bottom of the atlantic to try and get a peak. cheryl? >> cheryl: and hamish harding was on blue origin. >> that's right and that's the pictures he had posted and just posted about this on his instagram page saying he was excited to go on and thought this was the only time they were able to make this trip in this year because they finally had a break in the weather i guess. so he was excited to go and his family had posted something. but we reached out to them to independently confirm. >> cheryl: and they lost contact yesterday morning. >> yeah, an hour and 45 minutes into the trip. >> cheryl. . oh, gosh okay interesting to see the presser we learn at 4:3. alexis mcadams thank you so much for joining us appreciate it. well, more accusations of sec overreach today. wall street calling out sec chair gary gensler's war on text ing. charlie gasparino has all of the latest for us. what's going on? charlie: yeah, i mean there's a lot going on out there as you

know cryptos problematic, markets, a lot of penny stock pumpers out there telling you that amc will go to a thousand. still, even with the fed rate increases, taking a lot of air out of that stock and some of the other meme stocks, but what is gary gensler focused on? we know he's kind of into cracking down on crypto. we've seen that, but when i'm talking to securities lawyers i heard another be one of his pet peeves is this thing known as wall street texting that firms particularly brokers and financial advisors are somehow violating the law if they text their client and it could be something as hey, joe, i know i manage your account. check your e-mail and they do this on a private text message. somehow this client broker even mundane stuff like that is viola tive breaking the securities laws because everything needs controlled and monitored and watched so what i'm hearing from my sources at

the wall street firms is that there's been one crackdown. i think it occurred late last year. there was a joint settlement of $1.5 billion i think among about a half a dozen firms, major firms, and you know what the firms are saying is they expect another one coming soon, because the sec is really adimate about this , that firms are now actively disciplining personnel. i think someone at piper jaffray just got put on a 15-month suspension because of an improper allegedly text message to a client that they feel there's going to be another crackdown, and you know, here is the thing, cheryl. why do we do stories like this? i mean, i think many of our viewers are small investors. they have brokers. they should know something about what animates the sec in compliance matters, and you know, it's a rough world out there. there are a lot of stock promoters out there. a lot of people will tell you stock is going to a thousand

when, you know, they are low in the stock and looking to pump and dump it. the sec devoted very little of its research resources into that specific thing, into that specific protection aspect of its job. it's big into crypto. it's huge into environmental disclosures, and apparently, it's devoting a lot into text messaging. back to you. >> cheryl: interesting. i also learned something about you today, charlie. charlie: yes? >> cheryl: you still have a land line. charlie: you heard that? [laughter] you know, here is why. since you brought it up. having a land line was huge during superstorm sandy, because my apartment in the city, you know, was without most power but we had a land line. it was huge during 9/11. apparently cell phones didn't work as you know during 9/11. i covered that but land lines did work. >> cheryl: interesting. charlie: it's a backup. not saying i'm going to keep

cheryl: good point. >> there are crazy things you learn about me, chairman, do a little research. cheryl: 15 years i've known you, 15, 16 years, something like that. a long time. >> you know a lot about me. what am i saying? >> i also know you're great. thank you so much for joining me. good to see you. >> anytime, kid. cheryl: well according to a recent vetafy survey the top concern on investors minds is concern for recession. our "countdown closer" is seeing a lot of money flow into the fixed income sector. joining us is tom light man, $14 billion under management. tome, great to see you. >> great to see you, cheryl. how are you? cheryl: i'm fine. this is interesting, your finding, they're note

necessarily avoiding the equity markets but the money they have been putting to work on bond market, fixed income side of the market. does that continue do you think in particular with the fed maybe one more rate hike, maybe two? what's the second half of the year look like in your opinion? >> well you hit the nail on the head most advisors feel there is one more rate hike ahead. if that's the case and actually do go into recession most feel we'll see some rate cuts coming in 2024 and if we see lower interest rate as year from now, a couple things will happen. number one, you will not get 5% in money market funds anymore. number two, you want to go longer duration into corporate bonds or high yields, and number three, most importantly, for the first time in a while you can make money on the bond funds and fixed income etfs that are out there which would be key and critical as a lot of people lost

money in bonds last year but for the first time in, since the financial crisis we're seeing more money going into fixed income etfs than equity etfs and that's notable. so to your point we're seeing more money out of equitying, even though it has been a okay year for the market. the big thing is most people feel that the bond market is back. 60/40 is back we're not as concerned about i here interest rates. we're more concerned about a recession. cheryl: you can make money on money market fund to your point. those returns are there but i thought this was also interesting, you said 180 billion in new etf flows year-to-date but the story again is that fixed income story. that is really interesting. you also say in the survey that what you found is that the biggest concern was market valuations. 24% say market valuations is their biggest concern.

i think a lot of people echo that. >> it is. now look, we've had halfway through the year a pretty good run. the s&p is up 15% which is great. you've got the nasdaq 100 up 38% but that is all on the back of 10 stocks. those 10 stocks in the s&p 500 account for 2/3 of that performance and the valuation of the s&p right now is 22 p-e versus let's just say small and mid-caps, russell 2000, you can get that for 12 versus 22. so almost half off. so stocks are expensive at these levels. it is those tech stocks that really have done a great job with a thin slice of the market. the big concern is volatility for advisors and investors right now and now that bonds are actually paying something, you're seeing more money going into the fixed income side. cheryl: there are still concerns about a recession. you also found that as well. that is interesting because if

we go go into recession in the second half of 2023 it will be the most telegraphed, predicted, it will have five names to it, five nicknames. what do you say when you see that kind of response in your survey, 40%? >> a recession doesn't have to be nasty. it doesn't have to be a bloodbath. there are a lot of periods of time where we actually had recessions and market has done quite well. in fact usually the period of time between the last rate hike by the fed and the first rate cut, the market does extremely well. so don't be scared. actually the markets, both the fixed income markets are looking good but equity markets, even though there is concern about volatility and market valuations we've got a lot of stability out there. cheryl: yeah. >> if we see follow-through to the broad markets we might being much better place a year from now than we are today. cheryl: i hope so. tom lydon, breaking news i have

to get to. >> thanks, cheryl. cheryl: we have breaking news, bipartisan group of lawmakers is going to travel to detroit, michigan tomorrow, to talk to the ceos of ford and general motors. house china select committee. they will press ford ceo jim farley, gm mary barra, cut supply chain with china, especially list hly ev batteries. antony blinken was just back from china. markets open tomorrow. trading resumes. that will do it for the claman countdown. the coast guard holds a press briefing at 4:30. "kudlow" is next. larry: welcome to "kudlow," i'm larry kudlow. oops, biden did it again. another major untruth regarding the economy in his "wall street journal" op-ed piece earlier this